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Dec 7, 2012
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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Dec 7, 2012
12/12
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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Nov 29, 2012
11/12
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[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after world war ii. outside of the post-world war ii era, the on than the up deficit has fallen faster is when the economy we left in 1937, during the great depression into -- [inaudible] u.s. district offers, testing the speed limit of the fiscal consolidation does and backfire. >> i really go back to simpson-bowles. i think they had it right put. repeat, everything on the table. not only taxes, but spending cuts and entitlement reform. let me speak about each of them. first when it comes to revenue, so many people in the business community and outside have talked about simpson-bowl
[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after...
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Dec 6, 2012
12/12
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as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the most vulnerable in our country. and, madam president, i don't believe either one of us wants to put those two vital things at risk venal whe. when the budget is so out of rick, we have to take a look at the money coming in and going out of the only way to get back on track is to address both sides of the equation -- revenue and spending. we have to find a balanced solution that combines tough spending cuts with reforms to our tax code that bring in more revenue while also ensuring fairness to taxpayers. there is, madam president, real momentum, i believe
as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the...
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Dec 5, 2012
12/12
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a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we must more closely monitor our trade partners' commitments before workers are injured by him. russia committed to lower tariffs on manufactured goods to ensure predictability by capping quota levels and to meet international standards on intellectual property rights. i'm pleased to see the legislation extending russia pntr includes enforcement measures much stronger than china pntr. several based on legislation i introduced earlier this year. by requiring u.s. trade representative to monitor russia's compliance with its w.t.o. obstacles, to publish an annual report to promote compliance and to establish
a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we...
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Dec 6, 2012
12/12
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it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president. and then as i was talking about before, it is how you do it that matters a lot. he should stop pursuing tax rate increases, as i said, and revisit the comments that he made a year ago. here's what the president said. quote -- "what we said was to give us, to give us -- it's a nice way of saying we're going to make you pay more in taxes. us i gather here is the united states government. quote -- "what we said was to give us $1.2 trillion in additional revenues, which would be accomplished without hiking taxes, tax rates, but could simply be accomplished by eliminating loopholes,
it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president....
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Dec 6, 2012
12/12
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then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us 24 trillion. this plan will strengthen the economy, put us on stable path forward. and have much ramp up overtime to avoid slowing down the economic recovery. 40% of the long-term growth of federal health programs is due to rising health care costs generally. 40%. 60% is due to americans aging. in fact each and every day 10,000 americans turn 65, every day. 10,000 americans enter medicare, turn 65. as chairman of the finance committee, i have influenced a lot of policies but they can't keep folks from getting older. we need to focus on what we can influence, and
then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us...
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Dec 4, 2012
12/12
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situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and i believe that our 100 senators and members of the house will step up on this and sufficient majority in the coming months. >> how do you look at your surplus of the u.s.? does that say we have america under our control? >> we are one of the closest allies of the united states. so of course our position today to united states is very, very decisive, strengthen our relationship. so these are not, there is no intention for us to try to use this kind of economic relationship in different context. so we are very satisfied with the current relationship with the united states. th
situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and...
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Dec 7, 2012
12/12
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we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of minnesota, i wrote that i thought he would have made the strongest presidential candidate. tim is now the head of the financial services roundtable, a job he took a month or two ago and he will be a huge player in washington. chris i have to say, first of all you kept two-thirds of your own district but your margins didn't go down at all. maybe a little bit. i know the county, one county represents for my son as and let's just say -- is a liberal but he did an incredible job. two senators now and on mars reminded when bob dole left the house to go to the senate, the single act -- [inaudible] bob c
we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of...